Coface PKZ's position on the Covid-19 epidemic

Dear business partner,

The following is the position of Coface PKZ d.d. in connection with the coronavirus epidemic.

In accordance with the provisions of the General Conditions of Insurance against Commercial Risks Zk-1/07 and the General Conditions of Insurance against Non-Commercial Risks Znk-1/07 and the provisions of insurance contracts, the coronavirus epidemic does not in itself constitute a insured event (under any conditions) on the basis of which a policyholder would be entitled to cover for damage. At the same time, we emphasize that the epidemic is not the sole reason for exclusion or limitation of insurance coverage.

If you signed an insurance contract that insures commercial risks, the insurance case occurs after the expiration of the waiting period specified in the insurance contract (as a rule, 180 days) or with the introduction of insolvency proceedings against the insured buyer. If the receivable has not been paid at the end of the waiting period or an insolvency procedure has been opened against the buyer (at any time, even before the maturity of the receivable), an insurance event has ocurred and you can start claim payment of indemnity.

In case you have signed insurance contract for the so-called non-commercial risks also, you can file a claim for payment of indemnity, if the insured event specified in the insurance contract occurs.

Each claim will be assessed individually, taking into account all other stipulations from the insurance contract or the General Conditions.

We are aware that the current situation is causing problems for all economic subjects (interrupted/ problematic supply chains / default / incorrect / late fulfillment of contractual obligations / extension of payment deadlines /, ...), therefore, when dealing with customers from areas that are severely affected by epidemic, we recommend extra caution. From the point of view of insurance coverage, within the approved limits of insurance coverage, and subject to other provisions of the insurance contract, there are no obstacles to further deliveries.

We wish you and your loved ones to stay healthy and hope that the situation stabilizes as soon as possible.

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Frequently asked questions

If we have credit insurance, does this help us in getting bank loan?

Yes, the insurance policy improves the creditworthiness of the insured, since banks and business partners know, that you have your credits insured. In addition you are also able to transfer your rights from the insurance policy also to bank or other financial institution (assignment). With this you partly or entirely substitute other forms of collateral, which the banks and other financial institutions usually request, and as a consequence you are entitled to the better financing conditions.